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Government Sells $490 Million of GM Stock

The U.S. government has sold another chunk of its stake in General Motors Co., the Associated Press reported.

The Treasury Department said in its February report to Congress that it sold $489.9 million worth of GM common stock last month.

The report said the government has recovered about $29.8 billion of its $49.5 billion bailout of the Detroit automaker. That means the government has yet to recover $19.7 billion of its investment in the automaker, AP said. That means it still owns about 277 million shares. Those would have to sell for around $71 each for the government to break even.

Treasury said the price per share will be revealed later.

GM stock sold in a range of $26.19 to $29.36 in February. At the midpoint of the range, the government would have sold roughly 17.6 million shares, AP said.